U.S. luxury department-store chain Barneys New York Inc is nearing a roughly $27...
NEW YORK - U.S. luxury department-store chain Barneys New York Inc is nearing a roughly $270 million deal with brand developer Authentic Brands Group that could lead to Barneys shops opening in Saks Fifth Avenue stores, people familiar with the matter said on Monday.
Without an offer from Authentic Brands, Barneys faced winding down its business entirely. It filed for bankruptcy protection in August, citing rent hikes as a factor in its decision. Whether the existing retail locations remain open will depend on negotiations with landlords, they said. Barneys currently has seven physical retail locations remaining.
The expected deal with Authentic Brands sets a floor for bids in a bankruptcy-court auction scheduled for later this month, should any arise. A group led by fashion executive Sam Ben-Avraham has explored a bid for Barneys and is continuing to work an a potential deal that envisions keeping many of the retailer’s current stores open, one of the sources said.
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